Here is a quick summary, courtesy of Dan Perrin:
The Bipartisan HSA Improvement Act of 2023 proposes the following provisions:
- Permits tax-free spending from a Health Savings Account on the monthly fees charged by Direct Primary Care physicians.
- Facilitates HSA contributions even when a spouse possesses a Flexible Spending Arrangement.
- Allows for transitions of deposits from a terminating FSA or HRA (Health Reimbursement Account) into an HSA.
- Enables employees to utilize their HSA funds at their employer’s on-site health clinic.
The HSA Modernization Act of 2023 will:
- End the prohibition against Disabled Veterans contributing to an HSA.
- Allow working seniors on Medicare and Indian Health Service beneficiaries to establish and contribute to HSAs.
- Make automatic HSA eligibility of all bronze and silver health plans on the health benefit exchange.
- Greenlight the option to avail of mental health benefits beneath the deductible without jeopardizing the health plan’s status as an HSA-qualified health plan.
- Allow tax-free spending on medical expenses 60 days before their Health Savings Account is opened.
- Both spouses can contribute catch-up contributions to the same HSA.
- Align the annual tax-free HSA deposit limit for families and individuals to equal the combined annual limit on out-of-pocket and deductible expenses under their HSA-qualified insurance plan.
- Clarify the scope of home care expenditures permissible through a Health Savings Account.
These bills will enhance the versatility and accessibility of HSAs, bolster the U.S. in retaining and attracting premier physicians, and crucially, widen equity by extending HSA-qualified health plans to individuals seeking financial assistance for their health plans on the health benefit exchange.
Great, people who have Obamacare and a Bronze Plan can open an HSA and the Maximum Annual HSA deposit increases to $9,450 in 2024, up from $9,100 in 2023. These Uniparty Republicans are saying you MUST have Obamacare under 65 years old. This is pretty disgusting luring good people onto dangerous Obamacare HMOs that pay NOTHING when the sick go out-of-network (OON) in a desparate attempt to survive.
Also, Direct Primary Care (DPC) expenses become an HSA Qualifying expense but when people get sick their DPC visits won’t apply to their insurance deductible!! Goofy politicians.
If you want to go tax-free you must have a dangerous and DEADLY Obamacare HMO! Sick!
Well it’s a start I guess. All ages should be able to contribute to an hsa. Cms reimbursement. Structure already killed the onl Medicare MSA that was available in 35 states. Politicians are just so ignorant about health insurance 🤦♂️